Meet Pam Kaur: HSBC's First Female CFO in 160 Years of History

Photo : Reuters

HSBC Bank has appointed Pam Kaur, of Indian origin, as its new Chief Financial Officer (CFO), marking a historic moment as she becomes the first woman to hold this position in the bank's 160-year history. Kaur takes over the role from Georges Elhedery, who was named CEO earlier this year. This significant announcement is effective January 1, 2025, as Pam Kaur will also serve as the Executive Director of the Board of Directors.

At 60 years old, Kaur brings nearly four decades of extensive banking experience to her new role, with a strong focus on auditing, risk management, and compliance. She is well-regarded in the industry for her expertise and leadership capabilities.

Kaur's career began when she qualified as a chartered accountant at Ernst & Young, where she developed a strong foundation in finance and auditing. She started her professional journey in internal audit at Citibank, showcasing her analytical skills and attention to detail. In April 2013, she joined HSBC as the Group Head of Internal Audit and quickly ascended through the ranks, becoming the Group Chief Risk Officer in January 2020. Her responsibilities expanded further when she took on the role of overseeing Compliance in June 2021.

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Educationally, Pam Kaur holds an MBA in Finance and a Bachelor of Commerce with Honours from Panjab University in Chandigarh. Additionally, she is a Fellow Member of The Institute of Chartered Accountants in England and Wales, underlining her commitment to professional excellence.

Throughout her career, Kaur has held several senior positions at major global financial institutions. Her past roles include serving as the Global Head of Group Audit for Deutsche Bank, CFO and COO of the Restructuring and Risk Division at Royal Bank of Scotland Group PLC, and Group Head of Compliance and Anti-Money Laundering at Lloyds TSB. Moreover, she served as Chief Compliance Officer at Citigroup International and held the position of Global Director of Compliance for Citigroup's Global Consumer Group. Currently, she is also a non-executive Director of Abrdn PLC.

As CFO of HSBC, Pam Kaur will have a competitive compensation package, including an annual base salary of £803,000 (approximately Rs 8.3 crore) and a fixed pay allowance of £1,085,000 (around Rs 8.7 crore). Additionally, she will receive a pension allowance of £80,300 (about Rs 64 lakh) and will be eligible for discretionary variable pay, including an annual incentive award of up to 215 percent of her base salary, along with a long-term incentive award of up to 320 percent of her base salary.

Pam Kaur's appointment comes at a pivotal time for HSBC, as the bank has faced scrutiny in the past over issues related to anti-money laundering and sanctions violations. Following a deferred prosecution agreement with the US Justice Department, Kaur has played a crucial role in reshaping the bank's risk management strategies. Her appointment as Head of Wholesale Market and Credit Risk in April 2019 and Chair of the enterprise-wide non-financial risk forum further underscores her influence in enhancing HSBC's compliance and risk management practices.

Pam Kaur's historic appointment as HSBC's CFO not only represents a significant milestone for the bank but also highlights the increasing representation of women in leadership roles within the finance sector. Her extensive experience and commitment to excellence position her well to lead HSBC's financial strategies into the future.

Oct. 23, 2024 5:22 p.m. 579

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